EUR/USD slips below 1.38
Pair’s Outlook
Regardless of the weekly and monthly technical indicators that remain bullish, EUR/USD plunged beneath the support at 1.38. The Euro is currently testing the 55-day SMA at 1.3730, but this level is also reinforced by the 100-day SMA and monthly PP, which significantly increases the probability of a rebound. If, however, the selling persists, the next important demand area is at 1.3584/75, where the monthly S1 merges with the 200-day SMA.
Traders’ Sentiment
SWFX market participants, as it seems, did not react to the dip in Euro’s price. Just as 24 hours ago, 65% of them are expecting the common currency to continue losing its value. In the meantime, the share of sell orders decreased, from 64% down to 55%.
Source: DukascopyBankSA
